ExakTime Announces majority investment by Providence Strategic Growth
Investment to fuel growth, expansion and the formation of Arcoro
ExakTime, a two-decade leader in digital time and attendance solutions for construction and field services, today announced it has reached an agreement for a majority investment by Providence Strategic Growth (PSG). PSG is the growth equity affiliate of Providence Equity Partners, a leading global equity firm with $50 billion in assets under management. Terms of the transaction were not disclosed.
Since its founding in 1999, ExakTime has been innovating game-changing workforce management solutions for construction and field services companies of all sizes. Now serving over 7,000 customers and 250,000 users daily, ExakTime equips businesses with a GPS-enabled app for field-based time and activity tracking and compliance verification, plus cloud-based software and direct syncing with accounting and payroll programs.
As a part of the overall platform strategy, PSG has created Arcoro Inc. Arcoro is the proven human capital management (HCM) software and services provider for high consequence industries and features the cornerstone companies of ExakTime and BirdDogHR, an integrated talent management solution for small and mid-size companies in construction and beyond.
“ExakTime has consistently maintained industry leadership in time and attendance management for over twenty years,” says PSG Managing Director Gopi Vaddi. “There is no better testament to their deep commitment to customer-centric product innovation, and to the human capital software marketplace. ExakTime is a perfect addition to Arcoro’s cloud-based HCM suite. We are excited to partner with the ExakTime team.”
The natural synergy between the Software as a Service (SaaS) offerings of ExakTime and BirdDogHR provides the highest-level customer experience to businesses seeking to streamline employee management operations, from the first touchpoint with new candidates to compliance sign-off and payroll processing. With over 8,000 customers in high consequence industries including construction, manufacturing, energy, home health care and manufacturing, ExakTime and BirdDogHR offer established solutions for maximizing workforce performance and efficiencies, building ROI and limiting the risk associated with human capital management.
Both companies will maintain their company names and brands but will now be known as part of the Arcoro family of human capital management solutions.
“ExakTime is very proud to be joining the group of businesses under the Arcoro Inc. umbrella,” said John O’Hara, president and CEO of ExakTime. “This will strengthen ExakTime’s stance in the market and ability to expand our offerings while also providing our customers with the best range of tools for all their human capital management needs. We are excited for the opportunity to be one of the cornerstone solutions in Arcoro’s proven suite of products.”
McGill Restoration, a building restoration business based in Omaha, Nebraska, utilizes both ExakTime’s and BirdDogHR’s services for their human capital management. “We’re happy that ExakTime and BirdDogHR are now part of the Arcoro group, because they work really well together,” says Blake Berke, CFO at McGill Restoration. “We rely heavily on both solutions to streamline our recruiting, hiring, employee tracking and payroll processes.” Manager of Human Resources Kim Roberts adds, “When I hire someone through BDHR I immediately onboard them into ExakTime. They go hand in hand. It’s a smooth process. Having the web-based reporting and custom reports from both systems at my fingertips is also invaluable.”
Founded in 1999, ExakTime is the 20-year leader in time and attendance tracking for construction and field services and the #1-selling system in North America. ExakTime’s cloud-based wireless, mobile, and rugged timekeeping solutions are easy to implement and use for any size company. Accurate digital time tracking and convenient payroll syncing streamlines operations, saving businesses time and money and ensuring they remain compliant. Easy access from any location and powerful reporting provide the insights businesses need to effectively manage their growing workforces. ExakTime is used daily by more than a quarter million workers from dozens of industries in more than 20 countries. For more information, visit http://www.exaktime.com.
BirdDogHR offers comprehensive talent management software and managed services — everything you need to guide the entire employee lifecycle. The cloud-based talent management system is straightforward and easy to use, so you can safely focus on implementing strategy — not learning new software or worrying it won’t keep up with changing regulations. Managed services operate as an extension of your HR department and deliver the expertise and focus you need. Organizations can see ROI in effective growth management, bottom line results and compliance peace of mind. BirdDogHR specializes in high-consequence and government contracting industries because they have unique needs. Companies from other industries can use the BirdDogHR talent management solution — and they do — but the solution is built with the most rigorous compliance needs in mind. To learn more, visit birddoghr.com and follow the company on LinkedIn, Twitter and Facebook.
About Arcoro Inc.
Arcoro combines proven Human Capital Management software solutions designed to help high compliance and high consequence companies improve efficiencies, limit risk, and build high-performing teams. With over 8,000 customers and 360,000 daily users in 20 countries around the world, the easy-to-use, cloud-based HR software and services are designed to give organizations the competitive edge needed to scale and grow effectively and efficiently. Visit us online at www.arcoro.com.
About Providence Strategic Growth
Providence Strategic Growth Capital Partners L.L.C. (“PSG”) is an affiliate of Providence Equity Partners L.L.C (“Providence”). Established in 2014, PSG focuses on growth equity investments in lower middle market software and technology-enabled service companies, primarily in North America. Providence is a premier, global asset management firm with $50 billion in capital under management across complementary private equity and credit businesses. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm’s inception in 1989, Providence has invested in more than 150 companies and is the leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, R.I., and has offices in New York, London, Hong Kong, Singapore, and New Delhi. For more information on PSG, visit provequity.com/private-equity/psg and for more information on Providence Equity, please visit provequity.com.